American Beacon CRESCENT SHORT DURATION HIGH INCOME fund

Portfolio information as of December 31, 2017

Investment Objective

The Fund’s investment objective is high current income with capital appreciation as a secondary objective.

STRATEGICALLY MANAGED,
TACTICALLY ALLOCATED

Crescent Capital Group LP, the Fund’s sub-advisor, is a boutique institutional investment firm focused on below investment-grade credit markets. The firm has experience managing debt investments through an entire credit and multiple market cycles while focusing on principal preservation, risk mitigation, and current income.

Firm inception: 1991

Portfolio Managers:

John Fekete, Managing Director;
industry since 1994

Jonathan Insull, Managing Director;
industry since 1987

A CREDIT-INTENSIVE RESEARCH PROCESS

Crescent uses a top-down approach to strategically allocate across fixed and floating rate, secured and unsecured, and public and private credit investments. In order to find securities with superior credit characteristics, the firm conducts disciplined credit research on each issuer. Crescent’s strategic approach to high-yield investment may allow investors to reduce the need to re-allocate among dedicated bank loan and high-yield strategies when market conditions change.

The goal of the Fund is to offer a high level of current income regardless of the overall credit or interest rate environment by investing in:

Quarterly
Fund Materials

QUICK LINKs

The Fund’s investments in high yield securities, including loans, restricted securities and
floating rate securities, are subject to greater levels of credit, interest rate, market and
liquidity risks than investment-grade securities. Investing in foreign securities may involve
heightened risk due to currency fluctuations and economic and political risks. Please see the
prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the
investment objectives of this Fund will be met.

For a prospectus containing more information, including expenses, click here. Read it carefully before you invest or send money. Past performance is no guarantee of future results.

American Beacon is a registered service mark of American Beacon Advisors, Inc. American Beacon Funds and American Beacon Crescent Short Duration High Income Fund
are service marks of American Beacon Advisors, Inc.

TOTAL RETURNS

Share Class

Inception Date

CUSIP

Symbol

NAV

QTR

YTD

1 Year

3 Year*

5 Year*

10 Year / SinceInception*

Institutional

10/01/2014

024525545

ACHIX

9.57

0.08

4.66

4.66

4.57

-

3.59

Investor

10/01/2014

024525537

ACHPX

9.58

0.09

4.36

4.36

4.18

-

3.24

Y

10/01/2014

024525552

ACHYX

9.56

0.06

4.54

4.54

4.44

-

3.47

A (without max sales charge)

10/01/2014

024525578

ACHAX

9.56

-0.02

4.23

4.23

4.12

-

3.15

A (with max sales charge)

10/01/2014

024525578

ACHAX

9.56

-2.54

1.58

1.58

3.24

-

2.34

C (without max sales charge)

10/01/2014

024525560

ACHCX

9.57

-0.10

3.56

3.56

3.39

-

2.42

C (with max sales charge)

10/01/2014

024525560

ACHCX

9.57

-1.10

2.56

2.56

3.39

-

2.42

Benchmark

QTR

YTD

1 Year

3 Year

5 Year

10 Year /SinceInception*

BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-5 Year Index

0.30

5.37

5.37

4.72

-

4.20

Expense Ratios

Share Class

Gross

Net1

Institutional

1.27

0.86

Investor

1.57

1.24

Y

1.37

0.96

A

1.67

1.26

C

2.42

2.01

SEC 30-Day Yield

Share Class

Actual

Unsubsidized2

Institutional

4.61

4.42

Investor

4.22

4.00

Y

4.51

4.36

A

4.10

3.93

C

3.43

3.25

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, click here.

Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.
*Annualized. See the performance notes on the next page for more information.

1The net expense ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through May 31, 2018.

2The SEC 30-day yield is shown with (Actual) and without (Unsubsidized) the effect of any waivers/reimbursements during the period.

Important Information:
All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index.

A portion of fees charged to each Class of the Fund has been waived since inception. Performance prior to waiving fees was lower than actual returns shown since inception. Specific information about any Fund may be found at americanbeaconfunds.com or in the prospectus.

The BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-5 Year Index is an unmanaged index
that generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds
publicly issued in the U.S. domestic market with maturities of one to five years.

American Beacon Funds and American Beacon Crescent Short Duration High Income Fund
are service marks of American Beacon Advisors, Inc.

Sector Weightings (%)

Consumer Non-Cyclical

19.0

Communications

15.6

Consumer Cyclical

15.6

Energy

12.3

Industrial

10.1

Financial

9.5

Technology

7.6

Basic Materials

7.2

Utilities

3.1

Excludes cash.

Portfolio Statistics

Effective Maturity (years)

3.9

Effective Duration (years)

2.9

3-Year Standard Deviation

3.6

Top 10 Holdings (%)

T-Mobile USA, Inc., 6.625%, Due 4/1/23

1.3

Sprint Corp., 7.250%, Due 9/15/21

1.3

New Gold , Inc., 6.250%, Due 11/15/22, 144A

0.9

Block Communications, Inc., 6.875%, Due 2/15/25, 144A

0.8

Ally Financial, Inc., 5.125%, Due 9/30/24

0.8

Sirius XM Radio, Inc., 3.875%, Due 8/1/22, 144A

0.8

Energizer Holdings, Inc., 5.500%, Due 6/15/25, 144A

0.8

Murphy Oil USA, Inc., 5.625%, Due 5/1/27

0.7

Dean Food Co., 6.500%, Due 03/15/23, 144A

0.7

Intesa Sanpaolo SPA., 5.017%, Due 06/26/24, 144A

0.7

Total Fund Holdings:

343

Asset Allocation (%)

Fixed Income

95.2

Cash Equivalent

4.8

Credit Quality (%)

BBB

2.8

BB

45.6

B

42.0

CCC

7.8

CC

0.3

Not Rated

1.5

Reflects the rating assessed by Standard & Poor's (S&P). If a security is not rated by S&P, the rating represents the rating assessed by Moody's as converted to the equivalent S&P major rating category. Excludes cash.

Instrument Type (%)

High Yield

75.7

Bank Loan

10.8

Private Debt

8.8

Cash

4.8

Duration is a measure of price sensitivity relative to changes in interest rates.

S&P credit ratings for long-term obligations (or issuers thereof) are AAA, AA, A, BBB, BB, B, CCC,
CC, C and D in decreasing order. For example, obligations rated AAA are judged to be of the
highest quality, BBB to be of medium grade, CCC are judged to be speculative and obligations rated
D are in default. Obligations rated in one of the four highest categories are considered to be
investment grade while all other ratings are considered non-investment grade.

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American Beacon Funds and American Beacon Crescent Short Duration High Income Fund
are service marks of American Beacon Advisors, Inc.